Tips on finding and buying a house according to funds

Category Archives: REAL ESTATE

Congratulations,
and best of luck! You’ve made the decision, to seek, what for many, for
generations, has been, which is the essential component of the so –
called, American Dream – buying a home, of your own. When one proceeds,
carefully, and wisely, and buys, what he needs, likes, can afford, and
is located, in an area and neighborhood, you desire, you’ll have the
best chance, of achieving your objectives, in a relevant, smart,
priorities – oriented way. Since, for most Americans, their ownership of
their house, represents their single, biggest, financial asset, doesn’t
it make sense to pay keen attention, and get the best results? With
that in mind, this article will briefly discuss, consider, and review,
using the mnemonic approach, the CARDS approach to home buying.

1. Credit: For
those who are well – prepared, before they begin their search and hunt,
it has the potential to be, a satisfying, inspiring, motivating
experience. An essential aspect and component, is to fully consider,
review and prepare, so, your credit is your friend, rather than becoming
an obstacle, and/ or worse! Several months before you begin searching,
sit down with a recommended, mortgage professional, and gather relevant,
meaningful, feedback. Then, address, any, and every area, suggested.
Have all the necessary reserves, for down – payment, maintenance,
several months carrying charges, etc. Carefully review your Credit
Report, and address any issues, and make it, as favorable, as possible!
Be prepared!

2. Attention: Pay keen attention to details,
and never ignore, even the minor issues, but proceed, in a timely
manner, to be, as prepared, as possible. Objectively, introspectively,
examine your needs, goals, priorities, as well as limitations, and
determine, the best course of action, to pursue.

3. Reserves: Accumulate
all the reserves you will need, as well as those which might make you
more comfortable! Obviously, you must have the down – payment. Have at
least 6 to 9 months, reserves, put aside, for monthly carrying charges,
etc. Create a reserve for repairs, renovations, maintenance, etc, so,
home ownership, becomes a pleasure, rather than stressful!

4. Debts: Simply
stated, reduce all other debts, so you have an easier time, qualifying
for the best mortgage! Doing so, also, creates a form of needed, self –
discipline! Aim to become your best friend, rather than being your
enemy! Also, avoid taking out, any additional, new debts!

5. Savings: Focus on accumulating savings, as well as proceeding, efficiently in areas, such as energy, and other cost – savings, areas

Let the CARDS approach, work for you, so you are best – prepared, for home buying. Will you have the self – discipline?

We
often refer to, owning a home, of our own, as the American Dream.
Since, for most people, their house, represents, their single, biggest,
financial asset, doesn’t it make sense, to proceed, in a well –
considered manner, and considering as many of the necessities,
positives, negatives, and potential ramifications, and responsibilities,
as possible, so, as, to be, as prepared, as possible? After over a
decade, as a Real Estate Licensed Salesperson, in the State of New York,
I have created, a simple, set of priorities, to focus on, and
emphasize, which I refer to, as, the MINSTS of deciding
to buy a home. With that in mind, this article will attempt to briefly,
examine, consider, and review, using the mnemonic approach, some of the
central components, and considerations.

1. Meets your present needs: What
are your present needs, and priorities? Are you considering these,
rather than pursuing some emotional attachments, etc, and becoming your
own, worst enemy? Unless/ until, someone considers, in advance, what he
needs, how is it possible, to know, what to look at, and pursue, and
make the wisest decision, for his personal situation?

2. Imagines future necessities: What
is the focus of purchasing a particular home? Do you hope, to, merely,
purchase a starter – home, or, to buy, something, which meets, both your
present needs, while considering your future necessities?

3. Neighborhood: What
do you like about, the particular neighborhood? Why, and how does it
address your needs, and priorities/ purposes? Will you consider, issues
such as schools, safety, conveniences, etc, in a focused manner? Will
you be happy, there?

4. Schools: Whether, you
presently have school – aged, children, or not, the quality of local
schools, and the school – system, are significant, in terms of real
estate values, etc. However, you must also, carefully, consider, and
examine, the balance between the quality of the schools, and the impact
on your real estate taxes!

5. Transportation: Is
the house, conveniently located, to a variety of forms, of
transportation? Are their quality, public transportation, facilities,
nearby this property? Are you close, but not, too close, so as to enjoy,
quiet enjoyment of your home?

6. Safety: Before
purchasing any house, closely examine, the public safety, and crime
rates, in the specific area. Will you be able to live, in relative,
peace – of – mind, because the area, is a safe one?

Consider these MINSTS of deciding, to buy a home, of your own. Protect your investment, and proceed, in a happy, fulfilled manner!

Whether
you are an individual, and/ or family, considering purchasing a house,
for your personal needs, etc, or looking, to invest in real estate,
either as an owner, partner, etc, it’s important, to ensure, you have
your, so – called, financial, ducks – in – a row! This means, the
process must begin, with fully considering, as many, relevant fiscal/
financial issues, concerns, ramifications, etc, as possible and
foreseeable, in order to make this, the best possible, least stressful,
most financially astute decision, possible. With that in mind, this
article will attempt to consider, review, and discuss, some of the items
to review, and consider, at the onset, of the process.

1. Home, of one’s own: Since,
for nearly everyone, our family home, represents, our single, biggest,
financial asset, doesn’t it make sense, to proceed, wisely? What are
some of the most relevant considerations? Many, merely, consider, the
down – payment, but that is only the most obvious one! Other significant
considerations should include: a) Reserves for repairs and maintenance;
b) Reserves for renovations; c) Reserves for contingencies/
emergencies; d) Approximately 9 months reserve, in case of loss of
employment; e) Knowing monthly payment is affordable, for you, and will
not make you house – rich, but otherwise, overly stressed, etc. Take a
close look at your monthly income, and create a responsible, realistic
budget, which guides you towards wise handling of your personal
finances.

2. Multi – family house – investment: Wise
investing in a multi – family house, for investment purposes, can be a
smart move, but unless, one does so, based on logic, and smart
investment approaches, can become stressful, and angst – producing. Use
the 6% – rule, which means, you must seek, at least that rate of return
on your investment, net (not merely gross). To do so, reduce your
projected revenues by your forecasted expenditures, including real
estate taxes, utilities, escrow, insurance, and other costs. Always,
realistically forecast reserves for repairs, renovations, etc. What
sense does it make to invest in a multi – family, house, and assume the
risks and responsibilities, unless it will make financial sense? Do
this, up – front, so you do not over – pay! Forecast projected rents,
conservatively, and expenses, from a worst – case scenario! Assume
vacancies, and thus, only assume rents for 10, of the 12 months, in your
projections, and assumptions.

3. Investing in an REIT: Real
Estate Investment Trusts (REIT), are publicly traded, investment
vehicles, where others manage, usually a larger project, and you are
solely, an investor. Carefully examine, and review, the financials of
these, to clearly realize, whether they are smart, for you! Proceed
wisely, not emotionally!

The previous 3 items, are just, a few of
the ways, individuals invest in real estate. Whatever your personal
circumstances, proceed wisely and carefully, and be, as certain as
possible, it’s right, for you!

There
is no such thing, as a one – size – fits – all reason, or set of
reasons, individuals decide, and/ or desire, to buy, a home, of their
own. Some do it, because of family needs, others may want to own pets,
etc, and others, decide it makes more financial sense to own (than
continue renting), and/ or want to live, somewhere, where they might
put, their personal seal, on the accommodations, or seek a specific lot
of land, etc. These are just, a few of the reasons, but to ensure, one
purchases, when it serves their best – interests, and does so,
intelligently, and in a focused manner, prospective homeowners should
clearly know their personal reasons, thoroughly, and in a somewhat,
objective way.

1. Can you afford owning?: Owning a
house of your own, requires accepting a far greater degree of personal
and financial responsibility, than renting. Renters don’t have to worry
about most maintenance items, especially major expenses, etc, but that,
all, changes, when one owns. Start by thoroughly considering your
present finances, including savings, earnings, debt, and preparedness.
Will you qualify for an affordable mortgage? Have you saved, and
accumulated significant reserves, in order to be prepared, and ready,
for any foreseeable possibility? Wise homeowners put together reserves
for repairs, renovations, upgrades, and maintenance, etc, in addition to
possessing a mortgage reserve, of approximately 6 – 9 months,
equivalence. Since, for most, the value of your house, represents your
single – biggest, financial asset, doesn’t it make sense, to proceed
wisely, and in a focused way?

2. Area/ neighborhood: When
you rent, your lease is for a finite period, so it is rather easy, and
straight – forward, to relocate to another locale, if you discover you,
either don’t like the particular area, neighborhood, region, or house,
or if your life circumstances, change, such as employment, etc.
Obviously, since selling a house, is a little more complicated, timely,
and less predictable, this should be one consideration, before
proceeding.

3. Really want to own a pet or pets: Only
a minority of rentals, permit individuals to own pets, and, even, then,
must be clearly specified, and is often limited. For true pet lovers,
who simply don’t want to be without a beloved pet, it might be one
reason to purchase a house.

4. How much land do you want/ need? Some
love having a larger lot, either for flowers, gardens, etc. Others want
to have place for patios, pools, or convenient places for their pets,
to roam. However, others do not want that type of responsibility, and/
or can’t afford to maintain these (Isn’t that one reason, some prefer
condominiums?). While some want large lots, others seek somewhat less.
Know thy self!

5. Mortgages: Most home buyers
purchase houses, with the aid, of a mortgage loan. One consideration is
how much you qualify for, and perhaps, equally important, is how much
you will feel comfortable paying. Remember, your payment includes
principal, interest, real estate taxes (and other escrow items including
insurance, etc). Don’t become, house – rich, and life – poor!

Before
buying your home, fully consider your needs, desires, wants, and means,
and proceed, wisely, and in a way, where ownership will be a pleasure,
rather than a stress! Will you proceed wisely, or impulsively?

Why
do people purchase a home, of their own, and does it correspond with,
why they should? Before you commit, to investing, in what, for most, is
their single, biggest, financial asset, it’s important to focus on what
you actually seek, need, and hope to achieve, by buying a house! Open –
your eyes, and consider, what you might need, to make this, one of the
best personal decisions, and serves the best interests of you, and your
family! With that in mind, this article will attempt to briefly
consider, examine, review, and discuss, what this means, and represents,
and why it should make a difference, for you.

1. Price and costs: While
most want to live, in the nicest house, they can. and proudly, show –
it – off, to their friends and family, what good is buying a home, if it
makes your life, more stressful, etc? Objectively, and introspectively,
consider, the impact of reducing your other assets, because of the
amount of your down – payment. Will this create stress? How much are the
monthly carrying charges, and can you, not only afford it, but do so,
within your personal comfort zone? Do you have the necessary reserves,
for contingencies, including; short – term employment gaps; necessary
repairs; desirable renovations and/ or alterations, etc? Don’t become, house – rich, but hurt yourself, in terms of stress, etc!

2. Size and features: How
many rooms do you need, and how does compare with what you want? What
are your present needs, in terms of size and number of bedrooms,
bathrooms, etc, and what do you anticipate in the short – term, and
longer – term future? Are you ready, willing and able to maintain, and
care for, whatever house, you purchase? Will you personally do the work,
or will you hire someone else to do so, and if you will, how will that
impact your overall budgeting, etc? Don’t overlook what most homeowners
state, are the most important areas of a house, including the kitchen
area, bedrooms (size and number), and bathrooms (number, location, etc)!

3. Intentions: Are
you planning to stay, at the specific location, short – term, or the
longer – run? Know what you seek, and plan accordingly. If you are
buying, for now, and willing to move, when your needs, change, consider
resale value, and emphasize present needs. Otherwise, look at the bigger
picture!

4. Comfort zone: Know what makes you comfortable and happy, and do what’s best for you. People differ, and so, don’t try to Keep up with the Jones’, but, rather, do, what makes you happy, comfortable, and meets your personal needs, goals, and priorities!

A wise, aware home buyer, is, generally, the individual, happiest, with their decisions! Be prepared, and proceed accordingly, and smartly!

Owning
a home, of our own, is, often, considered, one of the key, essential
components, of the American Dream. However, it is wise, to know,
yourself, your needs, goals, priorities, financial capabilities, present
and future purposes and intentions, etc, in order to ensure, this is a
positive, wonderful experience, rather than a recurring nightmare! Each
of us, have individual differences, preferences, objectives, and
economic/ financial considerations and capabilities. Since this is so
essential, to happy ownership, this article will attempt to briefly
consider, review, discuss, and examine, using the mnemonic approach,
some of what, might make a particular house, your DREAM home.

1. Determine; decide; delve deeply; dreams: Before
beginning your quest, and/ or search, carefully, review, and determine,
what are the most essential parts of your dreams of owning a house, of
your own, and deciding, why you want to do so. Don’t minimize your
efforts, and what you, personally, are seeking, but, rather, take the
time, and make the effort, to delve deeply, and thoroughly, into, both,
your present needs, and how, your future, will be, served, living in a
specific residence!

2. Relevant; reliable; reside: It’s
only right, for you, if your decision, is, truly, relevant, to your
personal needs, and desires! Don’t be hasty, but look for a house,
which, is reliable, in terms of providing, the environment you seek and
desire! Evaluate as many factors, as possible, to ensure, you choose,
the house, you wish to reside, in!

3. Environment; energy consideration; enrich: What
will make this living environment, the right one, for you? Will it
serve, to positively, enrich your life, both now, and into the future?
Consider carefully, considerations regarding the energy – efficiency of
the particular house, so, it does not become an excessive burden, and/
or stress. We are happiest, when we enjoy, where we lives, and feel it
enriches, our experiences!

4. Area; affordable; access; appliances; attitude: Look
closely at the area, where the house, is located, and, whether it
provides quality access, to items, such as, certain services, convenient
transportation, quality school system, safety, etc. Are the present
appliances, those, which will best serve your needs, or will you need to
replace them, soon? Can you afford this house, including mortgage
interest and principal, real estate taxes, utilities, and other costs,
associated, with home ownership? Is it affordable, for you, and will you
be comfortable, with these?

5. Motivating; mortgage; maintenance; morale: You’ll
only be happy, when living somewhere motivates you, in a positive,
morale – building way! Can you qualify for, and feel comfortable with
the needed mortgage? Will you create reserves, and prepare for the
associated costs, of maintaining this home?

Delve deeply, to ensure your DREAM home, does not become, a living, nightmare! The more prepared one is, the happier, he will be, in the long – term!

Before
you go through the time, effort, etc, of seeking, and searching, for a
home, of your own, it requires a lot of preparation, objective
introspection, and discipline, in order to end up, with the house, of
your needs, and, hopefully, dreams. Will you be ready, willing, and
able, to PLAN, to buy your home, in a way, which will
make sense, in terms of your needs (financial, present and projected
future needs), and personal comfort zone, so this experience goes
through, in as comfortable, stress – free, manner, as possible? With
that in mind, this article will attempt to briefly consider, examine,
and review, using the mnemonic approach, some of essential components,
of making this work best, for you.

1. Priorities; personality; personal; prepared: Begin
the process, in as prepared, a way, as possible! Every individual has
personal needs, and priorities, so, know, yours, and prepare
accordingly. Consider how, and whether, a particular house, and area, is
a good – match, for your personality. Know your finances, and don’t
become, house- rich and happiness – poor!

2. Listen; learn; lessons; lessen: Wouldn’t
you want to lessen any potential anxieties, and effectively learn the
basic lessons, etc, which might make you happy and satisfied? Smart
potential homeowners proceed to effectively listen and learn, from every
conversation, and experience, in order to become happier, less anxious,
prepared owners!

3. Attitude; attention; ask; answer: The
happiest buyers always pay keen attention, to every aspect of the
potential new property, from the grounds, house – itself, neighborhood,
specific block, areas strengths and weaknesses, etc. They proceed with a
positive, can – do, attitude, focused on making things work, best, for
them! It’s important to ask as many questions as necessary, and
patiently, wait, for you, to receive the answers, sought, and needed.

4. Neighborhood; nearby; niceties; What
might be the strengths and weaknesses of the particular neighborhood,
in terms of conveniences, shopping, transportation, schools, safety,
etc? Drive around the specific block, the immediate surrounding area,
and the overall area. Does the area, and the property, possess the
niceties, you, and your family, need and require?

Before one goes
through all the effort, and commits, to the time, strains, stresses,
etc, of the real estate transaction process, doesn’t it make sense, to
consider the procedure, seriously, and PLAN, in order to get the best results, for you? When one plans and examines, he becomes a happier homeowner!

Since
the vast majority of homeowners, especially, of first – time ones, use a
mortgage, as a major component, in having the necessary funds, needed
to purchase a particular property, common sense should indicate, it’s
essential to ensure your CREDIT is of a quality, which
makes you credit – worthy, and capable of qualifying, for the necessary
financing. Buying a house, is a complex, complicated, important process,
which, for most people, represents, not only a place to live, but their
single – biggest, financial asset. With that in mind, this article will
attempt to briefly examine, consider, and review, using the mnemonic
approach, why this matters, and some things to consider.

1. Cash on hand; creative; consider: Buying
a house requires having a considerable amount of cash, on hand, even
when you use a mortgage. This includes, monies needed for a down –
payment, closing costs, necessary reserves, and generally, at least 6
months, monthly payment, is required by many lending institutions. Home
buyers should have the creativity and vision, to consider whether a
particular property is right for you, and whether the bones, of the house, make it a smart decision.

2. Reserves; reside; region; right for you: Do
you have the necessary reserves needed, both as a requirement of the
lender, as well as for repairs, renovations, etc? Will it be a place,
you wish, to reside? Always consider, after looking at the pros and cons, whether a particular house, is right, for you!

3. Exist; excellence; energy: Will
a particular property, enhance your focus on doing more than, merely,
existing, and, rather, seeking whatever you consider, to be, the utmost
excellence? The right house should energize your existence!

4. Delve deeply; discover; deduce: Begin
the process, by delving deeply, into your financial picture. Acquire
your free copy of your Credit Report, and check for any detrimental
areas, etc, and fix them, prior to beginning your search. Discover as
much, relevant information, as possible, and seek, to deduce, what might
be needed, to make you more credit – worthy!

5. Image; imagination; incentives; insights: For
most, their personal self – image, directs them to a particular house.
You need the imagination, to balance what is, with the possibilities,
and potential. Examine which lending institutions, might be offering
incentives, and whether, you qualify, or what you must do! It’s your
personal insights, which make the biggest difference!

6. Timely: Is
this the right time, to buy a house? Are you prepared, emotionally, and
financially? Are mortgage interest rates, favorable, and are all your
personal finances, prepared, and set – up, for the better? Once you
discover the home, for you, will you be ready, willing and able, to
take, well – considered, timely action?

Consider you CREDIT, and do all you can, to enhance your credit rating. If you want to purchase a house, it’s important, to begin, prepared and ready.

As
someone, who has been a Real Estate Licensed Salesperson, in the State
of New York, for over a decade, as well as having, also, had a
considerable degree of experience, in financial sales and advising, as a
financial planner, and Registered Representative, Supervisor, Manager,
and executive, I have often, been asked, when/ if, there is a perfect
time, to buy. Whether this is related to buying stocks, bonds, or other
investments, or buying a home, the attempt to market – time, has rarely
worked, consistently. While, with other investment, a disciplined
approach, works best, in most cases, in buying a house, the best
approach, is probably, proceeding, in a well – considered,
introspective, objective manner, and honestly knowing and understanding
your personal needs, goals, priorities, comfort zone, and personal
finances. With that in mind, this article will attempt to review,
consider, and briefly discuss, how, although, there is no perfect time,
it is wise to consider, when it’s best, for you.

1. Personal needs, goals, priorities: Why
do you want to buy a house? What about a particular house, attracts
you? How many bedrooms do you need, and how many would you prefer, and
why? How about bathrooms? What do you seek in your kitchen, and why, and
what do you actually, need? Are you able to look past the staging, etc,
to determine the difference between quality, and perceptions?

2. Comfort zone: Sit
back, and look, objectively, and introspectively, so you know, why you
want a house, what you can afford, and what amount of monthly payment,
might conform with your personal comfort zone. You don’t want to end up,
house – rich, and unable to proceed, with less stress, etc! A wise home
buyer, finds a house, which exceeds his needs, meets some of his wants/
dreams, and does so, without excess stress, tension, and/ or, hassle!

3. Personal finances: Do
you know, what you can afford? Many factors should be considered,
including, down – payment, reserve for items such as contingencies,
repairs, renovations, utilities, etc. Simply because you have the down –
payment, and qualify for a mortgage, doesn’t necessarily mean, you will
be well – served, by the financial necessities of home ownership! Know
yourself!

4. When matters!: Certain factors are
extremely important. What are the present mortgage interest rates, and
how large, a mortgage will you need? Understand, small changes in these
rates, matter! What about supply, and demand? Don’t purchase something,
you aren’t satisfied with, either to Keep up with the Joneses, or to take advantage of the present market, because if you do, you might be disappointed, in the long – run!

Be
a smart home buyer. It’s not about trying to buy at the perfect time,
but finding what you need, not over – paying, discovering something,
you’re pleased with, and being able to afford it!

We
often discuss, many of the challenges, of buying, a home, of own’s own,
especially, for the first – time! Obviously, it’s essential to begin
with one’s needs, goals, and priorities, as well as perception, and
future needs, and considerations, Then, one must prepare, effectively,
for a wide variety of financial considerations, so as, to avoid
becoming, house – rich, but overly stressed, etc! Things, such, as a
potential home’s area, location, neighborhood/ neighbors, actual block,
schools, transportation, and other conveniences, must be factored in.
However, once, one does all these things, it’s also important/
essential, to do all, he can, to overcome the FEAR, of
buying a first – home. With that in mind, this article will attempt to
briefly, consider, review, and discuss, using the mnemonic approach, why
this is so relevant, and essential to consider, and address,
realistically.

1. Future; fruition; facts: Since,
for most, their house, represents their single – biggest, financial
asset, doesn’t it make sense, a potential home buyer, should identify,
and understand, all the relevant facts, and factors? Be careful, not to
merely, focus on the obvious, such as staging, colors, etc, but,
whether, the bones, of the house, are good, and it has the potential to
effectively serve your needs, etc, not only today, but into the future.
Once, you’ve found what you seek, proceed, with a strategy, to bring the
transaction, to a desirable, fruition!

2. Excellence; energy; emphasis: How
might you place, your emphasis, to properly, position, yourself, in
order to determine, you opt for, a house, based on excellence? Does the
specific home, enhance you, and energize you, and never overlook, the
all – important, energy – efficiency?

3. Attitude; attention: The
true attitude of a potential buyer, often, becomes the determining
factor, and difference, between, proactively, finding the right home,
for you, and your needs, and letting your fears, and uncertainties,
dominate! Only when an individual, proceeds, with the utmost attention,
and focuses, on what’s best, for his specific priorities, needs, and
concerns, will he handle this process, smartly and effectively!

4. Realistic; rationale; reasons; region: It
serves little purpose to begin this process, and journey, unless/
until, he proceeds, in a realistic manner, knowing his needs, goals,
priorities, and perceptions, as well as his true, financial limitations
and abilities. He must understand his personal rationale, and reasons,
to buy, a specific property! Never under – estimate, the region, and
specific characteristics, of where you seek, to move!

If you hope to buy a home, of your own, emphasize reasons, and rationale, and overcome any personal FEARS. A happy homeowner balances his priorities, perceptions, and personal comfort zone!